Works
in Progress
[Job Market Paper]
“Establishment-Level Unionization at Large Firms: Evidence
from the 21st Century” with Alexander Abajian
(Latest Version)
Abstract
We examine the effect of establishment-level unionization
elections on the equity value of publicly listed firms
between 1994 and 2023. Successful elections at individual
establishments have two opposing effects on firms’ stock
prices - a negative effect on the date when an union
election is filed with the NLRB, and a countervailing
positive effect when the election is closed. We find no
evidence that establishment-level unionization has
material affects on stock returns in the short-run horizon
regardless of the initial firm-level share of employees
unionized, the size of the election taking place, or the
sector in which the firm operates. Firms with large
elections see a negative effect in the long-run of up to
5% compared to the benchmark, but these results are not
robust to different samples or specifications.
“Posting Pay Transparency and Worker Outcomes: Evidence
from Recent US State Laws” with Sebastian
Brown (Draft
Forthcoming)
“Executive Compensation in Publicly Listed U.S.
Companies: The Influence of Work Experience and
Educational Backgrounds” (Draft
Forthcoming)
Works
in Progress
[Job Market Paper]
“Establishment-Level Unionization at Large Firms: Evidence
from the 21st Century” with Alexander Abajian
(Latest Version)
Abstract
We examine the effect of establishment-level unionization
elections on the equity value of publicly listed firms
between 1994 and 2023. Successful elections at individual
establishments have two opposing effects on firms’ stock
prices - a negative effect on the date when an union
election is filed with the NLRB, and a countervailing
positive effect when the election is closed. We find no
evidence that establishment-level unionization has
material affects on stock returns in the short-run horizon
regardless of the initial firm-level share of employees
unionized, the size of the election taking place, or the
sector in which the firm operates. Firms with large
elections see a negative effect in the long-run of up to
5% compared to the benchmark, but these results are not
robust to different samples or specifications.
“Posting Pay Transparency and Worker Outcomes: Evidence
from Recent US State Laws” with Sebastian
Brown (Draft
Forthcoming)
“Executive Compensation in Publicly Listed U.S.
Companies: The Influence of Work Experience and
Educational Backgrounds” (Draft
Forthcoming)